在新兴市场如何处理债务重组外文翻译.docx
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在新兴市场如何处理债务重组外文翻译.docx
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在新兴市场如何处理债务重组外文翻译
本科毕业论文(设计)
外文翻译
外文题目Howtotackledebtrestructuringinemergingmarkets/Mappingthedangersofdebtrestructuring
外文出处国际金融法律评论/国际税务回顾
外文作者卡格曼.史蒂文/克隆普.赫仑纳
原文:
Howtotackledebtrestructuringinemergingmarkets
Thepresentslowdownintheglobaleconomyhasfocusedrenewedattentionontheissueofrestructuringtroubledloansinemergingmarkets.Debtrestructuringsinthesemarketsoftenrepresentauniqueamalgamoflegal,business,financialandstrategicissues.
TRYINGTOMAKETIMELYINTHERESTRUCTURINGPROCESS
Manyemergingmarketrestructuringscan,forvariousreasons,easilytakeafewyearstocomplete,andthecreditorsanddebtormayhavesharplydivergentperspectivesonwhetheritisintheirfundamentalinteresttoachievearelativelyquicksolution.Itisnotuncommoninrestructuringsituationsfordebtorstobelievethattimeisontheirside,andthisperceptiononthepartofdebtorsisoftengroundedinreality.Bycontrast,thecreditorsmaygenerallyviewtimeastheirenemy.Sincemanyrestructuringsinvolvesomeformofdebtservicemoratoriumordebtstandstill,thecreditorswillbeanxioustoreacharestructuringsolutionaspromptlyaspossible.Thecreditorsobviouslywillwanttheirdebtservicepaymentstoresumeattheearliestpossibledate.
Thedebtor,ontheotherhand,maybelessmotivatedtokeeptheprocessmovingforwardwithanytypeofalacrity.Assumingthatitcancontinuetomeetitsworkingcapitalandotherbasicneedsandotherwisecontinuetofunctionasagoingconcern,somedebtorsmaybeperfectlycontenttomaintainadebtservicemoratoriumordebtstandstill.Byforegoingdebtservicepayments,thedebtormaybeabletoaccumulatesomecashonhand,whichmaywellbebeyondthereachorcontrolofthecreditors.Undersuchcircumstances,itisnotinconceivablethatcertaindebtorsmaythereforeberelativelyuninterestedinactivelypursuingandreachingarestructuringsolutionwiththeircreditors.However,itshouldbenotedthatcertainlynotalldebtorswillbehavethisway.Debtors,forexample,thataregenuinelyconcernedabouttheirlong-termreputationalinterestsand,inparticular,theirabilitytotapthecapitalandcreditmarketsinthefuturemaytakealesscavalierattitudetowardsadvancingtherestructuringprocess.
TIMETABLES
Inlightofthesepossiblydivergentperspectivesbetweenthecreditorsanddebtorontheurgencyoftherestructuringtask,creditorsmayseektoestablishtimetablesforaccomplishingkeymilestonesintherestructuringprocess.Ifpossible,suchtimetablesmaybediscussedwithandagreeduponwiththedebtor.Thisprocesscouldinvolvesomenegotiationbetweenthetwosidesonwhatarerealisticdeadlinesandwhataretheimportantmilestonesintheprocess.Eachofthemajorphasesoftherestructuringprocess—suchasthecreditors'duediligenceinvestigationofthedebtor,negotiationofatermsheet,documentationoftherestructuringdealand,finally,closingthedealwillhaveitsownmajormilestones.Forinstance,intheduediligencephaseoftheprocess,someoftherelevantmilestonesmayinclude,amongotherthings,thefollowingitems:
(1)negotiatingandsigningconfidentialityagreementsbetweensteeringcommitteemembersandtheiroutsideadvisers,ontheonehand,andthedebtor,ontheotherhand;
(2)agreeingonanappropriatescopeofworkfortheduediligenceinvestigation(whichwilllikelybeundertakenbyafinancialadvisertothesteeringcommittee);and(3)receivingspecifiedfinancialandbusinessinformationfromthedebtor,suchasbusinessplans,cashflowprojections,salesandpricinginformation(historicalandprojected),andsoforth.
Thepresenceofafairlyspecificanddetailedtimetablemayhelpbringdisciplinetotheprocesssothatitdoesnotproceedinahaphazardordesultoryfashion.Inaddition,atimelinemayhelpthecreditorsdeterminewhetherornotthedebtoristryingtoadvancetherestructuringprocessorisinsteadattemptingtodeliberatelydelaytheprocess.Incertainrestructurings,creditorswillneedtoaskthemselveswhetherthelackofprogressisbasedonjustifiablereasons,suchasthecomplexityofdocumentingagivenrestructuringdealortheintricacyofthedebtor'sbusinessorganizationandstructure,orwhetherthedelayisanindicationthatfundamentallythedebtorisnotnegotiatingingoodfaith.Inthelattercase,thecreditorsmaybeforcedtocometotheconclusionthataconsensualrestructuringwithsuchadebtormaynotbearealisticorviableoption.
DETERMININGTHEROLEOFTHECONTROLLINGSHAREHOLDERINTHERESTRUCTUREDCOMPANY
Manyemergingmarketrestructuringsinvolvethephenomenonoftheso-calledcontrollingshareholder,meaningtheshareholderthatholdsacontrollinginterestinthedebtorcompany.Thesecontrollingshareholdersmayrepresentinfluentialfamilyinterestsinthehostcountry.Suchshareholdersmaynotonlyholdalargeandcontrollingequitystakeinthedebtorcompany,butvariousmembersofthefamilyofthecontrollingshareholdermayalsooccupyanumberofthekeymanagementpositionswiththedebtor.Inshort,inanumberofemergingmarketjurisdictions,theremaybenocleardemarcationbetweenownershipandmanagementofcertaindebtorsgiventheuniqueroleofthecontrollingshareholders.
Incertainrestructurings,thecreditorsmaybelieve,correctlyorotherwise,thatafairamountofthedebtor'sfinancialtravailscanbeattributedtothemismanagementofthecompany'saffairsbythecontrollingshareholder.Asaresult,intherestructuringprocess,thecreditorsmayinitiallybeinterestedinGraftingarestructuringplanthatinvolvestheremovalofthecontrollingshareholderfromanycontinuingroleinmanagement.Fundamentally,thecreditorsmaybelievethattheyarefacedwithasimplebinarychoice—namely,tokeepexistingmanagementortohaveexistingmanagementforcedoutofthecompany.Yet,inrealityandtotheirpossibledismay,thecreditorsmaybeconfrontedwithmuchlessofaclear-cutchoicethanappearsatfirstblush.
CONTROLLINGSHAREHOLDERS
Inmanyinstances,thecontrollingshareholdersmaybedeeplyentrenchedandhenceverydifficulttoremovefromtheirdominantpositionatthedebtorcompany.AstheAsianDevelopmentBanknotedina1999reportoninsolvencylawissuesintheAsian-Pacificregion,theownersoffinanciallydistressedcorporationsareoftendrivenbyafearoflossofcontrolofthecorporation.(Thesameobservationcouldbeappliedwithequalforcetocertainemergingmarketsinotherpartsoftheworld).AsimilarpointrelatingtoinsolvencyproceedingswasmaderecentlybySamuelTobing,chiefoperatingofficeroftheIndonesian-basedJakartaInitiativeTaskForce,inJuly2002presentationtoanAsiaPacificEconomicConferencesymposium.Hesaid:
“Itshouldbenotedthatincertainemergingeconomies,corporateassetsareconcentratedinthehandsofasmallnumberofwell-connectedindividualsorfamilies.Whenfacedwiththelossofownership,thesegroupsmayseektoexerttheirinfluencetofrustratetheoperationoftheinsolvencysystem.”Giventheattitudesdescribedabove,certaincontrollingshareholdersinvolvedinrestructuringsituationsmaybeunwillingtoagreeto—andindeedmaypossiblyeventrytoscuttle—anyrestructuringplanthatwouldhavetheeffectofremovingthemfrompowerinthemanagementstructureofthedebtorcompany.
However,ifitisclearthatthecreditorswillbeunabletoremovethecontrollingshareholdersfrommanagement,thecreditorsaspartoftherestructuringplanmayneverthelesstrytoinstitutearangeofcorporategovernancereforms.Suchreformsmaybedesignedtolimitandcontrolthepowerandinfluenceofthecontrollingshareholdersintherestructuredcompany.
CORPORATEGOVERNANCEREFORMS
Specifically,amongarangeofsuchpossiblecorporategovernancereforms,thecreditorsmaytrytoreconfigurethecompany'sboardofdirectorsanditscommitteestructure.Forexample,thecreditorsmayseektohaveindependentdirectorsplayagreaterrole,andtheymayseektohavecertainboardcommittees,suchastheauditcommittee,havedirectoversightovercertainmanagementfunctions.Thecreditorsmaybeaidedintheireffortsatsuchcorporategovernancereformbychangesinthelocalcorporateandsecuritieslaw.Forinstance,inMexico,recentchangestothesecuritieslawsrequiretheestablishmentofindependentauditcommitteesforpubliccompanies.
Inaddition,thecreditorsmayseekgreaterinternalmanagementandauditcontrolsincertainkeyareasofthedebtor'soperationssuchasinthefinancefunctionsofthedebtor.Bywayofexample,thecreditorsmayattempttoimposegreatercontrolovertheprocessbywhichcompanyofficialscanapprovedisbursementsandsigncheques,particularlyfordisbursementsoverspecifieddollarthresholds.Thecreditorsmayalsoseektosubjectcertaintypesoftransactions,suchasrelatedpartytransactionsormajorcorporatetransactionsincludingproposedmergers,acquisitionsorassetdispositions,tosupermajorityapprovalrequirementsbytheboardofdirectorsortheshareholders,asthecasemaybe.Suchproposedcorporategovernancereformsshouldbecarefullyanalyzedbylocalcounseltoensurethattheyareconsistentwiththelocalcorporateandsecuritieslaws.
Insum,inanumberofemergingmarketrestructurings,thecreditorsmaybefacedwiththeunpleasantbutstubbornrealitythattheywillnotbeabletoremovethecontrollingshareholderfrommanagementoreliminatethecontrollingshareholder'scontinuedequitycontrolofthedebtor.Thecreditorsmaythereforehavetoshifttheirfocustodevelopinganapproachforarestructuringplanthatseek
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